Restaurant Property with
For Sale
Under Contract
$350,000
503 PALMETTO Street, Eustis, FL 32726
Commercial Sale, EUSTIS, FL
Property Size807 SF
Lot Size0.15 Acres
Price / SF$433.71
Days on Market93
Property Features for 503 PALMETTO Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MCR
Window features
Display Window(s)
Subdivision
EUSTIS HOGANS SUB
Directions
From E. Orange Ave, turn North onto Glover St., turn West onto Bates Ave, property is on the corner of E. Bates Ave AND Palmetto St.
Standard status
Active Under Contract
APN
12-19-26-1300-00E-00012
Size
807 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
EUSTIS HOGAN'S SUB FROM SE COR BLK E RUN N ALONG E LINE OF SAID BLK E 723.09 FT FOR POB CONT N ALONG SAME LINE 92.01 FT TO A POINT THAT IS 120.81 FT S OF MOST N'LY COR BLK E W 60.4 FT TO NW'LY LINE BLK E SW'LY ALONG NW'LY LINE BLK E 55.78 FT S 63DEG 54MIN 30SEC E 52.5 FT S 3 FT S 63DEG 54MIN 30SEC E TO E LINE BLK E N TO POB PB 2 PG 33 ORB 773 PG 2459
Tax Annual Amount
1826
Legal Description
EUSTIS HOGAN'S SUB FROM SE COR BLK E RUN N ALONG E LINE OF SAID BLK E 723.09 FT FOR POB CONT N ALONG SAME LINE 92.01 FT TO A POINT THAT IS 120.81 FT S OF MOST N'LY COR BLK E W 60.4 FT TO NW'LY LINE BLK E SW'LY ALONG NW'LY LINE BLK E 55.78 FT S 63DEG 54MIN 30SEC E 52.5 FT S 3 FT S 63DEG 54MIN 30SEC E TO E LINE BLK E N TO POB PB 2 PG 33 ORB 773 PG 2459
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Amenities
picnic pavilion
Building Details
Year built
1970
Floors in Building
1
Flooring type
Concrete, Tile
Building materials
Block
Roof type
Metal
Additional Structures
Storage
Listing Agency:
RE/MAX PREMIER REALTY · RE/MAX International
(352) 735-4060
Listed By:
Rachel Rivera · License #3406593
(407) 230-0235
Added: May 27
Changed: Aug 24
Last Checked: Aug 27 at 3:06PM
MLS# G5112936
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This restaurant property includes an existing barbecue facility with cooking pits and a separate picnic pavilion suited to outdoor dining or gatherings. The building was constructed in 1970 with block construction, concrete and tile flooring, a metal roof, and natural-gas heating. Electricity is available, with public water and public sewer serving the site.
The property is located at 503 Palmetto Street in Eustis, Florida, at the corner of Palmetto Street and E. Bates Avenue. Two parcels carry MCR zoning, while a third parcel is designated Urban Residential, creating a mixed-zoning configuration across the assemblage. The offering also includes the additional parcels identified as 12-19-26-1300-00E-00000 and 12-19-26-3100-00D-00000.
The property is located at 503 Palmetto Street in Eustis, Florida, at the corner of Palmetto Street and E. Bates Avenue. Two parcels carry MCR zoning, while a third parcel is designated Urban Residential, creating a mixed-zoning configuration across the assemblage. The offering also includes the additional parcels identified as 12-19-26-1300-00E-00000 and 12-19-26-3100-00D-00000.
Key Highlights
- Existing barbecue restaurant with cooking pits
- Picnic pavilion supports outdoor dining and gatherings
- Two parcels zoned MCR
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$12,577
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.59%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$251,540
$251.5K
Cap Rate 7%
$179,671
$179.7K
Cap Rate 9%
$139,744
$139.7K
Market Conditions
NOI Build-Up for 807 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$17.4K $21.60/SF
− Vacancy
−$662 −$0.82/SF
EGI
$16.8K $20.78/SF
− OpEx
−$4.2K −$5.19/SF
NOI
$12.6K $15.58/SF
Area
Lake County, FL
Vacancy
3.80%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$251,540
Cap Rate 7%
$179,671
Cap Rate 9%
$139,744
Alternative Uses
Best Use
Specialty Retail
$179.7K
$157.2K – $209.6K
NOI $12,577 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$229.6K
$200.9K – $267.9K
NOI $16,075 @ 7.0% cap · market cap 4.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
391
Businesses Nearby
4k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Family Dollar
Shops & Services
4,214 visits/mo
0.3 miles
Demographics for 32726, FL
23,012
Population
11,168
Households
2.1
Avg Household Size
45
Median Age
21%
College-Educated
88%
High-School Grad
11.5 sq mi
ZIP Area
2,001
Density / Sq Mi
$60,750
Median Household Income
$37,197
Median Earnings
$1,027
Median Rent
$230,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Existing restaurant improvements include barbecue pits, a covered pavilion, and public utility connections.
Where is this conventional restaurant located?
The property is located at 503 PALMETTO Street Eustis, FL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Existing barbecue restaurant with cooking pits; Picnic pavilion supports outdoor dining and gatherings; Two parcels zoned MCR
